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If your auto insurance premiums are very high, a number of culprits could be at fault. One of the largest factors that play a role in the amount of money you pay for car insurance is the type of vehicle you have. If you drive a more expensive vehicle (like an exotic car or sports car) you’ll pay significantly more for your car insurance because these vehicles are more expensive to repair. Here is a list of the most expensive cars to insure.
The Most Expensive Cars to Insure
Luxury vehicles and high-performance automobiles are typically among the most expensive cars to insure, with the Maserati Quattroporte sitting at the top of the list. When shopping for a high-end vehicle, you’ll not only be taking on the hefty monthly car payments, you’ll also have insurance payments, and sports car insurance and exotic car insurance is not cheap. The following are the most expensive cars to insure and why they’ve made this list.
Maserati Quattroporte: This luxury sedan tops the list of most expensive car insurance with the typical six-month premium being around $2,500. The high-end finishes and powerful engine are the reason behind the increased insurance prices. Insurers typically consider someone with this car may drive it aggressively, which increases the insurance company’s risk and your premiums. The cost to replace or repair the parts of this car are also expensive, which contributes to the higher insurance cost.
Audi R8: This luxury sports car is a close second, with an average six-month policy premium of around $2,284. This car is expensive to insure essentially because it is a high-value vehicle with an manufacturer’s suggested retail price (MSRP) of over $142,000. These cars are also considered to have higher theft rates and accident rates than other vehicles, which contributes to the higher insurance rates.
BMW i8: While it may be the second most expensive vehicle on this list, the BMW i8 has the third most expensive insurance rates. The average owner of a BMW i8 can expect to pay around $2,186 for a six-month car insurance policy. This is mainly because it is a luxury sports car and a hybrid vehicle. Because it’s a hybrid, the insurance rates are higher than other sedans and SUVs combined.
Mercedes-AMG GT: Owners of this type of Mercedes can expect to pay $2,065 for a six-month insurance policy. The higher insurance rates can be chalked up to presence of athletic handling, which signals to insurance providers that those who purchase this car might drive in faster or in less safe conditions.
Nissan GT-R: While this luxury sports car is on the pricier side at around $114,000, the insurance rates for this vehicle are considered midrange for luxury cars. A six-month premium is around $2,032 for this type of Nissan, which is more expensive than the company’s nonluxury models.
Maserati Ghibli: The Maserati Ghibli is another luxurious and expensive vehicle, with six-month policy premiums coming in at around $2,009. This vehicle may have the second-lowest MSRP on this list (a new model will cost you around $72,000), but it certainly does not have the cheapest insurance. However, the Maserati Ghibli is a midsized sedan, which lowers its insurance expenses a bit because these models are typically less expensive to repair when compared to more streamlined vehicles.
Mercedes-Benz S Class: The Mercedes S Class vehicle holds the spot as the most expensive car to own on this list, with a sky-high MSRP of more than $170,000. This luxury sedan will also cost you around $1,871 for every six months of insurance coverage. While not the highest on the list, it’s still a hefty insurance bill, mostly because it’s a high-priced vehicle requiring premium parts and services.
Porsche 911: The Porsche 911 is a high-performance luxury sports car with an elegant body that attracts investors. However, you’ll need to pay around $1,867 for six months of insurance if you decide to keep this model in your garage. The higher price tag is the reason behind this vehicle’s rates, as a new Porsche 911 costs around $100,000 to drive off the lot.
Tesla Model S: This Tesla is an all-electric vehicle, which is the main reason for its higher insurance rate. Insurance for a six-month policy on a Tesla Model S costs around $1,810, which makes it the most expensive Tesla model to insure. Because these vehicles are luxury electric sedans, the parts needed to repair a Model S are more expensive and harder to source, which results in higher premiums.
BMW 7-Series: It costs around $1,761 to insure a BMW 7-Series vehicle for six months. The high insurance rate is mostly because BMW is a luxury car brand and the 7-Series has a high sticker price.
Why Are Sports Cars Expensive to Insure?
It’s logical that the higher the price sticker, the higher the insurance will be. Car parts are more expensive, which means repairing or replacing the vehicle comes at a higher cost for the insurance company. To mitigate this risk, insurance companies charge you more to cover luxury cars.
Another reason insurance rates are higher for sports cars is that providers bank on drivers taking advantage of their high-performance features and capabilities. Specialty features like rotating dashboards or high-speed capabilities may increase the likelihood that a luxury vehicle is involved in a collision or accident, thus increasing the possibility that you’ll need to file an insurance claim. The more expensive your car and the faster it can go, the more you’ll likely be paying in insurance premiums.
Car Brands to Watch Out For
In many instances, the logo on your vehicle will automatically increase your insurance rates. Some brands are more high end and expensive than others, which results in a higher insurance premium. The following are some car brands to watch out for when it comes to the amount it will cost you to insure one of their vehicles.
- Ferrari: The main reason behind the high insurance rates for a Ferrari is the cost of repairs. The cars are expensive, and so are their parts. These exotic vehicles are also known for their performance, which causes the insurers to look at the safety risks, resulting in higher premiums.
- Lamborghini: Just as with Ferrari, a Lamborghini is an expensive vehicle with expensive parts. They are more expensive to repair and replace when compared to everyday sedans, plus they are at a much higher risk of accidents, which causes insurers to bring the insurance rates up.
- Bentley: While these luxury vehicles come equipped with many safety features, the higher insurance rates come down to the price of the vehicle. Bentleys are also not manufactured within the United States, which makes them harder to repair, causing the insurance rates to rise.
- Rolls-Royce: The main reason to watch out for this brand is because of their high cost, which can exceed $250,000. Because these vehicles are not cheap, insurance isn’t either.
- Jaguar: Jaguars are considered a luxury vehicle and are priced as such. Because of the high cost of a Jaguar, insurance is expensive.
- Land Rover: The high insurance rates for Land Rovers is because of the cost to repair them. Land Rovers are larger vehicles with more working parts, which makes them expensive for insurance companies to repair.
- Zonda: While it may not be a household name, Zondas are some of the most exclusive vehicles out there. With a hypercar like this one, you can expect the insurance to be as astronomical as the horsepower.
- McLaren: These vehicles are up there with Zonda as some of the fastest and most feature-rich vehicles to own, which is why insurers will charge an arm and a leg in premiums if you have one.
How to Save Money on Insurance
Insurance premiums are based on a number of factors outside of the brand and vehicle you have. Because many factors determine insurance costs, there are ways to save on coverage. Below are a few ways you can save on insurance.
- Increase deductible: When you raise your deductible, you lower your premium costs. Just remember that you’ll need to pay your deductible before your insurance will pay for your repairs, so it’s important to choose a deductible you’ll have money for should you need to file a claim.
- Eliminate options you don’t need: While you can’t predict whether you’ll need a certain type of insurance or not, you can still consider dropping certain coverage, especially if you have an older vehicle. Collision insurance and comprehensive coverage are not required by law, so you can save on insurance by sticking to state-required coverages.
- Drive safely: Your driving record is always considered when it comes to insurance rates, so drive safely to keep a good record and your premiums steady.
- Avoid cars that are expensive to repair: Many exotic cars are expensive to repair because their parts are hard to find, so if you’re looking at new cars, avoid ones that require expensive parts.
Shop for Insurance Before Buying
Another simple way to lower the cost of your car insurance is to shop around. Remember that every car insurance company uses its own unique formula and underwriting process to price your insurance. It’s completely possible to find the exact same auto insurance coverage at 10 different insurance companies at 10 completely different prices.
Getting a car insurance quote usually takes just a few minutes, and you can get your rates online from the comfort of your home or office. Get at least three insurance quotes before selecting the best provider to be sure you aren’t overpaying for coverage.
Compare Auto Insurance Companies
Benzinga offers insights and reviews on the following auto insurance providers. Consider beginning your search for affordable car insurance using the links below.
Frequently Asked Questions
Are some cars uninsurable?
No, all cars are insurable in some form or another. However, that doesn’t mean you can get insurance for all cars from all insurers. Insurance companies have lists of cars they won’t insure, so you’ll have to find an insurer that will insure the specific vehicle you drive.
Are Audis expensive to insure?
Because Audis are luxury vehicles, they are more expensive to insure than many other automobile brands.
What is the most expensive car to insure?
The most expensive car to insure is the Maserati Quattroporte.
About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.